Excellent post JW411.
I did not see what that pilot saw, so he knows things and made decisions based upon information I do not have.
Based upon what I saw, I could guess that he lost the engine, and huge drag occurred right away. For a brief period things looked bad, and he was planning straight in, to a place we cannot see in the video. Then he feathered it, and an amazing whoosh pushed him from behind and below, and the runway suddenly looked "makeable" - and he was right! It's always nice when you don't have to truck out a bent plane, instead fixing the engine at the airport.
I've force landed three times after engine failures, twice from lower than that, and not back to a runway. All three times, I later flew the plane out from the landing site I'd quickly selected. Yes, I know, luck! But I made it work for me, and so did he....